Monday, March 29, 2010

USDCAD—below uptrend line

This pair looks skanky, having dropped below its short-term uptrend line (currently at 1.0218) accompanied by a drop below the RSI uptrend line. On the other hand, Friday's high of 1.0304 was higher than Thursday's high of 1.0282 (but only by 22 pips). I'm still long from 1.0115 but if you aren't already in a trade I'd stay away until price behavior becomes clearer.

Support is at 1.0137/52, 1.0098, and 1.0061. Resistance is at 1.0268/82, 1.0304/22, and 1.0443.

Here's the hourly chart:

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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